Air New Zealand Names New CEO

Former banker and businessman Ralph Norris was named Wednesday as the new chief executive of struggling Air New Zealand.

Norris, 52, replaced Gary Toomey who resigned late last year in the wake of the government's decision to rescue the national carrier.

His previous positions include chief executive of ASB Bank and head of international financial services with Commonwealth Bank of Australia. He is currently a director of the airline.

"Beyond his more obvious financial capabilities, Ralph has a track record of success in change management, highly competitive marketing, and innovative application of new technologies," Air New Zealand's chairman, John Palmer, said.

The government recently completed a $371 million bailout of Air New Zealand, giving the state an 82 percent stake.

In its last financial year the carrier lost $588 million after writing off its $546 million investment after the collapse of its subsidiary Ansett Australia.